Should You Buy a Home That Has Been Sitting on the Market?

When you’re searching for a home, it’s natural to pay the most attention to new listings. You get an email alert that a new house has hit the market, look through the photos, and decide whether it’s worth seeing. But what about the homes that have been sitting on the market for 60, 90, or even 120 days?

As a Realtor in Harford County, Maryland, I’ve found that buyers sometimes overlook perfectly good homes simply because they’ve been listed for a while. And in some cases, those homes can offer some of the best buying opportunities.

So, should you consider buying a home that’s been sitting on the market? Absolutely. But it’s important to understand why it hasn’t sold.

Why Do Some Homes Sit on the Market?

There are several reasons a home might take longer to sell, but in my experience, the most common is overpricing.

A seller may have started with an asking price that was too high for the market. Even a beautiful home can struggle to attract buyers when the price doesn’t match what comparable properties are selling for.

Presentation can also be a factor. Some homes aren’t quite show-ready. They may need cleaning, cosmetic updates, or repairs that make buyers hesitant.

Then there are legitimate concerns about the property itself. A home might be located on a busy road, have an unusual floor plan, or have another feature that limits its appeal.

But here’s something I always remind buyers: Just because a home hasn’t sold doesn’t necessarily mean there’s something wrong with it.

The Psychology of a Home That’s Been Sitting

I think there’s a real psychological component to how buyers approach older listings.

Most buyers search for homes online, often receiving notifications whenever a new property becomes available. Naturally, those new listings get the most attention.

After a home has been on the market for a while, buyers may start wondering why nobody has purchased it. They assume other buyers must have noticed something wrong.

There’s actually some interesting research that helps explain this behavior.

In his book Contagious: Why Things Catch On, Wharton marketing professor Jonah Berger discusses a study involving kidney transplant decisions. The research, conducted by MIT professor Juanjuan Zhang, found that patients were more likely to decline a donor kidney when other patients had previously turned it down.

The interesting part is that those earlier patients may have had perfectly legitimate medical reasons for declining the kidney. But subsequent patients could interpret those rejections as a signal that something was wrong with it.

This is an example of social proof, where people use the decisions of others to help form their own opinions.

I think something similar can happen in real estate. Buyers see a home that’s been sitting on the market for months and assume there must be a problem. But they don’t necessarily know why previous buyers passed it over.

I’ve experienced this firsthand with listings of my own. I’ve had beautiful homes sit on the market longer than expected, and getting buyers through the door becomes increasingly difficult.

The problem isn’t necessarily the home. Sometimes it’s simply that buyers have moved on to watching newer listings, while others assume there’s a reason the home hasn’t sold.

That’s why I encourage buyers to look beyond the number of days on market and judge a home on its own merits.

Can You Get a Better Deal on a Home That’s Been Sitting?

In many cases, yes.

I generally believe buyers have a better chance of negotiating a favorable deal on a home that’s been on the market for several months than on one that was just listed.

A newly listed home typically attracts the most attention, and the seller may want to see how the market responds before considering a lower offer.

After a few months, the situation can be different.

Many sellers become more willing to negotiate, particularly if they’ve had limited showings or already reduced their asking price. That negotiation might involve a lower purchase price, closing cost assistance, or other favorable terms.

Of course, every seller is different.

Some sellers are very motivated to move. Others are firm on their asking price, even after months on the market. In fact, an unwillingness to negotiate may be part of the reason their home hasn’t sold.

The key is to evaluate the home’s actual market value rather than assuming that a long listing period automatically means it’s a bargain.

What If the Home Was Previously Under Contract?

One thing I always investigate is whether a property was previously under contract and then returned to the market.

When this happens, I typically contact the listing agent to learn what happened.

Sometimes the timing offers a clue. If a home comes back on the market shortly after going under contract, an inspection issue could be involved. If the contract lasted several weeks, buyer financing may have been the problem.

But those are only possibilities. Contracts fall apart for many reasons, and the timing doesn’t tell the entire story.

A buyer might have changed their mind, encountered a financing problem, or been unable to sell another property.

The important thing is to ask questions, understand what information is available, and conduct your own inspections and due diligence.

A home returning to the market doesn’t automatically mean there’s something wrong with it.

Don’t Confuse Days on Market With Home Value

One mistake buyers can make is assuming a home that has been listed for 100 days must be less desirable than one listed yesterday.

But days on market alone don’t tell you whether a home is a good purchase.

Consider two similar homes in the same neighborhood. One was listed yesterday at $525,000. The other has been on the market for three months and recently reduced its price to $499,000.

The second home might actually represent a better opportunity, depending on its condition, features, and comparable sales.

This is where looking beyond the listing history becomes important. I encourage buyers to evaluate the property itself, its condition, its location, and how the asking price compares with recent sales.

An older listing isn’t necessarily a better value, but it shouldn’t be dismissed because of its time on the market.

My Advice: Go See the House

If there’s one thing I’d encourage buyers to do, it’s to keep an open mind.

If you see a house that interests you, but it’s been sitting on the market for several months, go take a look.

I’ve encouraged many buyers to tour homes they might otherwise have overlooked because of their listing history. In a number of cases, those buyers ended up making offers and purchasing the homes.

Sometimes buyers are pleasantly surprised when they walk through the front door. The home may show much better in person than it does online, or they may discover features that weren’t obvious in the listing photographs.

And there’s another potential advantage. Instead of competing with several buyers for a newly listed home, you may have an opportunity to negotiate without much competition.

That doesn’t mean you should overlook potential problems or skip inspections. It simply means you shouldn’t let a home’s days on market make the decision for you.

The Bottom Line

Buying a home that’s been sitting on the market can be a smart decision, particularly when the property is in good condition and priced appropriately.

There may be legitimate reasons it hasn’t sold, and those reasons deserve investigation. But sometimes a perfectly good home simply started out overpriced, received less attention over time, or hasn’t found the right buyer.

If you’re searching for a home in Bel Air, Forest Hill, Fallston, Aberdeen, or elsewhere in Harford County, don’t limit your search to the newest listings.

You might be overlooking a home that checks all your boxes, with a seller who’s more willing to negotiate.

My advice is simple: If you like the house, go see it. It doesn’t hurt to look.